February 24, 2026
Investment Summary
U.S. equities sold off sharply Monday with the Dow (-1.66%), S&P 500 (-1.04%),
Nasdaq (-1.13%) and Russell 2000 (-1.61%) closing near session lows. Defensive
sectors outperformed (Staples +1.46%, Healthcare +1.15%, Utilities +0.72%)
while Financials (-3.33%) and Consumer Discretionary (-2.15%) led declines.
The 10Y yield fell 5 bp to 4.03% and gold surged +3.4% to $5,253. Factory
orders contracted unexpectedly and Dallas Fed manufacturing missed.
Mortgage rates eased to 5.99%, lowest since 2022, though housing
imbalances persist. Waller called March rate decision a “coin flip,”
maintaining policy optionality.
AI disruption remains central: infrastructure capex resilient
(Amazon $12B AI data centers; OpenAI targeting $600B compute spend),
while software and workflow platforms face valuation compression.
Trading Digest
Software weakness intensified following Anthropic enterprise agent
developments and broader AI disruption fears. IBM declined after
Claude highlighted COBOL capabilities. Hedge funds reportedly cut
global equity exposure at the fastest pace since April 2025.
Geopolitics and tariff uncertainty continue to add volatility, though
markets treat both as episodic catalysts rather than structural drags.
Thematic Tail of the Tape
• AI Infrastructure vs Application bifurcation remains intact.
• Hard assets and tangible backlog stories continue to attract flows.
• Precious metals strength reflects macro hedging.
• Housing remains bifurcated despite lower mortgage rates.
Positioning favors balance-sheet durability and asset intensity over narrative beta.
Top 10 Daily Performers
| Ticker | ETF Name | 1-Day % | 1-Month % |
| SLV | iShares Silver Trust | 5.16% | -13.28% |
| LABU | Direxion Daily S&P Biotech Bull 3X Shares | 4.71% | -5.31% |
| GDX | VanEck Gold Miners ETF | 3.79% | 3.06% |
| GLD | SPDR Gold Shares | 2.70% | 5.08% |
| IDNA | iShares Genomics Immunology and Healthcare ETF | 2.70% | 3.08% |
| WGMI | CoinShares Bitcoin Mining ETF | 2.36% | -19.09% |
| KOPX | Global X Copper Miners ETF | 1.98% | 5.63% |
| XBI | State Street SPDR S&P Biotech ETF | 1.76% | -0.84% |
| SILJ | Amplify Junior Silver Miners ETF | 1.69% | -5.14% |
| SBIO | ALPS Medical Breakthroughs ETF | 1.61% | -1.56% |
Bottom 10 Daily Performers
| Ticker | ETF Name | 1-Day % | 1-Month % |
| FLYU | MicroSectors Travel 3x Leveraged ETN | -11.83% | -23.14% |
| WCLD | WisdomTree Cloud Computing Fund | -7.26% | -21.85% |
| MSOX | AdvisorShares MSOS Daily Leveraged ETF | -5.28% | -44.22% |
| SKYY | First Trust Cloud Computing ETF | -5.15% | -14.32% |
| XSW | State Street SPDR S&P Software & Services ETF | -5.07% | -21.19% |
| BUG | Global X Cybersecurity ETF | -4.97% | -18.21% |
| IGV | iShares Expanded Tech-Software Sector ETF | -4.75% | -21.26% |
| HACK | Amplify Cybersecurity ETF | -4.69% | -9.96% |
| IHAK | iShares Cybersecurity & Tech ETF | -4.65% | -15.03% |
| CLOU | Global X Cloud Computing ETF | -4.33% | -15.45% |
Top 10 – 1M Fund Flows
| Ticker | ETF Name | 1-Day % | Flow |
| VTI | Vanguard Total Stock Market ETF | -1.12% | $5,112,385,327 |
| SGOV | iShares 0-3 Month Treasury Bond ETF | 0.02% | $3,986,611,799 |
| IGV | iShares Expanded Tech-Software Sector ETF | -4.75% | $2,419,157,755 |
| AGG | iShares Core U.S. Aggregate Bond ETF | 0.20% | $2,396,425,370 |
| AGG | iShares Core U.S. Aggregate Bond ETF | 0.20% | $2,396,425,370 |
| BND | Vanguard Total Bond Market ETF | 0.21% | $2,278,277,000 |
| VTV | Vanguard Value ETF | -0.79% | $2,259,338,712 |
| SCHD | Schwab US Dividend Equity ETF | -0.25% | $1,997,112,000 |
| EEM | iShares MSCI Emerging Markets ETF | -1.11% | $1,838,745,256 |
| VCIT | Vanguard Intermediate-Term Corporate Bond ETF | 0.20% | $1,768,889,582 |
Bottom 10 – 1M Fund Flows
| Ticker | ETF Name | 1-Day % | Flow |
| SPY | State Street SPDR S&P 500 ETF | -1.02% | $-5,388,509,168 |
| IWM | iShares Russell 2000 ETF | -1.56% | $-2,405,217,406 |
| VTEB | Vanguard Tax-Exempt Bond ETF | 0.06% | $-1,802,614,375 |
| ARKK | ARK Innovation ETF | -2.08% | $-1,508,083,200 |
| TLT | iShares 20+ Year Treasury Bond ETF | 0.37% | $-1,177,191,050 |
| XBI | State Street SPDR S&P Biotech ETF | 1.76% | $-798,225,036 |
| KLMN | Invesco MSCI North America Climate ETF | -1.03% | $-672,313,200 |
| KWEB | KraneShares CSI China Internet ETF | -1.28% | $-642,705,829 |
| SLV | iShares Silver Trust | 5.16% | $-427,239,000 |
| EEMV | iShares MSCI Emerging Markets Min Vol Factor ETF | -0.33% | $-337,199,580 |
Top 10 – YTD Fund Flows
| Ticker | ETF Name | 1-Day % | Flow |
| VTI | Vanguard Total Stock Market ETF | -1.12% | $9,404,052,743 |
| SGOV | iShares 0-3 Month Treasury Bond ETF | 0.02% | $6,025,222,026 |
| VCIT | Vanguard Intermediate-Term Corporate Bond ETF | 0.20% | $5,302,427,345 |
| BND | Vanguard Total Bond Market ETF | 0.21% | $5,058,893,000 |
| EEM | iShares MSCI Emerging Markets ETF | -1.11% | $4,273,008,573 |
| AGG | iShares Core U.S. Aggregate Bond ETF | 0.20% | $3,734,599,410 |
| AGG | iShares Core U.S. Aggregate Bond ETF | 0.20% | $3,734,599,410 |
| VUG | Vanguard Growth ETF | -1.24% | $3,380,477,458 |
| SMH | VanEck Semiconductor ETF | -0.52% | $3,338,741,325 |
| GLD | SPDR Gold Shares | 2.70% | $2,570,787,700 |
Bottom 10 – YTD Fund Flows
| Ticker | ETF Name | 1-Day % | Flow |
| SPY | State Street SPDR S&P 500 ETF | -1.02% | $-20,021,989,088 |
| IWM | iShares Russell 2000 ETF | -1.56% | $-4,639,897,947 |
| QQQ | Invesco QQQ Trust Series I | -1.22% | $-3,823,677,150 |
| TLT | iShares 20+ Year Treasury Bond ETF | 0.37% | $-3,613,121,132 |
| SLV | iShares Silver Trust | 5.16% | $-1,380,166,000 |
| VTEB | Vanguard Tax-Exempt Bond ETF | 0.06% | $-1,192,455,125 |
| VIG | Vanguard Dividend Appreciation ETF | -0.79% | $-696,561,857 |
| KLMN | Invesco MSCI North America Climate ETF | -1.03% | $-672,313,200 |
| EEMV | iShares MSCI Emerging Markets Min Vol Factor ETF | -0.33% | $-616,389,800 |
| IYR | iShares U.S. Real Estate ETF | -0.03% | $-570,662,154 |
